Bank Of China

Bank of China, headquartered in China, reported its carbon emissions for 2024 as approximately 1.22 billion kg CO2e. This includes Scope 1 emissions of about 77.29 million kg CO2e, Scope 2 emissions of approximately 1.14 billion kg CO2e, and partial Scope 3 emissions (waste generated in operations) of around 11.59 million kg CO2e.

Looking back, in 2023, the bank's Scope 1 emissions were about 84.74 million kg CO2e and Scope 2 emissions were approximately 1.51 billion kg CO2e. In 2022, Scope 1 emissions were around 74.90 million kg CO2e, and Scope 2 emissions were about 1.46 billion kg CO2e.

Bank of China has set several climate commitments:

• Near-term: BOC London Branch and BOC (UK) aim for operational carbon neutrality within their jurisdiction before 2030, with year-on-year greenhouse gas emission reductions. They also plan to help upstream and downstream companies reduce emissions through supply chain management from 2030 to 2050.
• Near-term: The bank targets a 40% reduction in absolute Scope 1 and Scope 2 carbon emissions by 2025 from a 2019 baseline.
• Near-term: BOCHK aims for carbon-neutral operations by 2030 (Scope 1 and Scope 2).
• Long-term: The bank aims to reduce its Scope 1 and Scope 2 emissions by 50% by 2050 from a 2020 baseline.
• Net-Zero Initiatives: From the fourth quarter of 2021, the bank ceased providing financing for new coal mining and coal power projects outside of China, with the exception of already contracted projects. Additionally, cement, steel, and electrolytic aluminium are expected to be included in China's national Emissions Trading Scheme (ETS) by 2025.